Tarabut Gateway, an open banking platform in the MENA region, has raised $32m in Series A funding.
The round was led by Pinnacle Capital, an alternative investment firm that focuses on KSA investments to provide unique alternative investment opportunities.
The raise also saw participation from Aljazira Capital, Visa, Tiger Global, and other leading existing investors.
Tarabut Gateway is building an open banking infrastructure across Saudi Arabia, the UAE, and Bahrain, with plans for further MENA expansion.
The company said the capital raised bolsters its footprint in the Saudi market, with a focus on attracting top talent and fostering strategic partnerships within the Kingdom. Tarabut Gateway has also assembled an expert team of senior hires to build on the region’s recent Open Banking developments.
Abdulla Almoayed, founder and CEO of Tarabut Gateway, said, “Open banking is reshaping the financial landscape in KSA and the wider Middle East, and we, at Tarabut Gateway, are proud to be at the forefront of this innovation. This fundraise reflects the potential of open banking, our advanced technology, and the trust placed in us by our partners both in KSA and globally.
“Tarabut Gateway’s mission is to create an open financial services sector that delivers open banking benefits to MENA’s consumers, banks, and fintechs – and the proceeds of this fundraise will help us execute our strategy and contribute to realising the Kingdom of Saudi Arabia’s ambitious vision 2030.”
Abdulwahab Al Betairi, founding partner of Pinnacle Capital, said, “We’re thrilled to be backing Tarabut Gateway’s ambitious growth plans. Their innovative approach to open banking and their strong focus on Saudi Arabia make them a perfect partner for us, and we’re excited to see them grow to new heights and contribute to the growth of the Saudi Arabian FinTech space as part of the Vision 2030 strategy.”
Earlier this year, Weavr, which is helping transform business with embedded finance, acquired B2B open banking platform Comma Payments.
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